RIYADH: SEDCO Holding, one of the largest family-owned investment groups in Saudi Arabia, has sold Arabian Entertainment Co. to US-based alternative investment management firm, GLD Partners LP.

AEC is the local franchisee for Applebee’s Neighborhood Grill + Bar, one of the world’s largest casual dining brands. It operates 17 casual dining restaurants throughout the Kingdom.

With this deal, SEDCO is exiting from the food service sector as part of its strategy to focus on core businesses, while the sale gives GLD Partners LP entry into the Kingdom’s market.

Omar Mirza, managing director of GLD Partners for the Middle East and North Africa region said: “These are exciting times, and we are thrilled to have added a leading global brand like Applebee’s to our growing MENA region investments portfolio.”

Founded in 1976, SEDCO grew from a small trading and construction contracting business to become one of Saudi Arabia’s largest conglomerates, managing a diverse portfolio of investments in sectors including healthcare, education, asset management, hospitality and real estate.